The Company has acquired a 46,550 sq ft industrial unit on Team Valley Trading Estate, Gateshead, the north east’s leading mixed-use business park at junction 68 of the A1, three miles from Newcastle upon Tyne. Nearby occupiers include Booker, Royal Mail and Sainsbury’s.

The unit is let to Worthington Armstrong (UK) Limited on a lease expiring on 25 August 2026. Current passing rent is £279,400 per annum reflecting a net initial yield1 of 6.73%.

The agreed purchase price of £3.9 million was funded from the Company’s existing debt facilities, resulting in net gearing2 increasing to 21.6% loan to value.

“We are delighted to have secured this unit located on the north east’s prime industrial park, let to a market leading manufacturer. The tenant has been in occupation for over 20 years, and carried out an expansion in 2016, highlighting its ongoing commitment to the site.”

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Property Portfolio and Legal

This website is published by Custodian REIT plc, which is managed by Custodian Capital Limited who are authorised and regulated by the Financial Conduct Authority. Custodian REIT plc is registered in England and Wales at Companies House. Our registered office is 1 New Walk Place,
Leicester, LE1 6RU and our registered number is 8863271.